Myskin
Forumer stoico
qualità emittente ok ma a me sembra troppo breve, io sul cross preferisco le lunghe per spalmare meglio il rischio cambio: se poi ci si copre ad un costo accettabile questa è ottima
Portafogli e Strategie (investimento) Investment Grade, entro le frontiere conosciute. (7 lettori)
- Creatore Discussione canchye
- Data di Inizio
qualità emittente ok ma a me sembra troppo breve, io sul cross preferisco le lunghe per spalmare meglio il rischio cambio: se poi ci si copre ad un costo accettabile questa è ottima
warren baffo
Forumer storico
qualità emittente ok ma a me sembra troppo breve, io sul cross preferisco le lunghe per spalmare meglio il rischio cambio: se poi ci si copre ad un costo accettabile questa è ottima
ma la copertura del cambio non è praticamente uguale al differenziale di rendimento fra le 2 valute? tanto vale investire in eur?
nuvola nera
Forumer storico
Mi permetto di suggerire la scelta di quelle con buona marginazione ...con la stessa cifra a disposizione puoi avere una bella e numerosa diversificazione , questo può permettere di avere delle entrate dei dividendi quasi mensili ....
waltermasoni
Caribbean Trader
Obbligazione Hyundai Capital America 4,125% 2023-06 USD 144A - investopoli.com
Rating Action:
Moody's affirms Baa1 and P-2 ratings for Hyundai Capital America with a stable outlook
30 Jan 2017
New York, January 30, 2017 -- Moody's Investors Service affirmed the Baa1 and Prime-2 ratings of Hyundai Capital America (HCA), the U.S. auto finance subsidiary of Korean automaker Hyundai Motor Company (Baa1, stable). The outlook for Hyundai Capital America's ratings is stable.
Issuer: Hyundai Capital America
..Affirmations:
....Issuer Rating, Affirmed Baa1, Stable
....Commercial Paper, Affirmed P-2
....Senior Unsecured Regular Bond/Debenture, Affirmed Baa1, Stable
....Senior Unsecured Medium-Term Note Program, Affirmed (P)Baa1
....Backed Senior Unsecured Regular Bond/Debenture, Affirmed Baa1, Stable
..Outlook Actions:
....Outlook, Remains Stable
RATINGS RATIONALE
Moody's affirmation of HCA's ratings is due to continued strong parental support. HCA benefits from its strategic importance to Hyundai Motor Company, and its support is formalized through a strong support agreement that, though not a guarantee, includes quantifiable measures of maintenance. The credit support agreement requires 100% ownership maintenance, minimum tangible net worth and fixed charge coverage maintenance. Therefore, HCA's ratings are equivalent to Hyundai's.
At the same time, however, Moody's downgraded its assessment of HCA's stand-alone credit profile, which is an input into its credit ratings, to mid-B from its prior high-B position. The reduction in the stand-alone credit profile is due to increasing losses in HCA's retail portfolio above historical averages, a multi-year increase in HCA's lease portfolio resulting in considerable residual value exposure in the face of a softening used car market, and relatively high leverage.
Portfolio charge-offs for retail loans have reached 1.6% as of 30 September 2016 for HCA versus a historical average closer to 1.2%. This has negatively impacted profitability resulting in net income to average managed assets of 0.28%, considerably lower than HCA's historical average of 0.60%. HCA recently tightened its underwriting but we expect losses and delinquencies to remain elevated as it will take several quarters for losses from its weaker underwriting period to season and charge off.
The growth in the lease portfolio has been significant over the last several years. HCA's 49% operating lease assets as a percentage of loans and leases is one of the highest exposures to leasing among the auto captives. This too will continue to weigh on profitability given softness in used car prices depressing residual values and leading to accelerated depreciation and/or impairments. We estimate that HCA's lease residual value exposure as a percentage of tangible common equity was 381% as of 31 December 2015 (the last date information is available), up from 326% as of 31 December2013. HCA's lease residual value exposure has likely trended upward since year-end 2015.
Effective leverage, total debt as a multiple of tangible common equity, for HCA is at a multi-year high at 11.5 as of 30 September 2016 and is considerably higher than other auto captive finance companies. HCA's correspondingly low 7.1% tangible common equity as a percentage of tangible managed assets provides limited loss absorbing capacity, particularly given its large lease portfolio. In the past, HCA has had a history of capital injections from Hyundai to strategically manage leverage.
HCA could be upgraded if Hyundai's ratings are upgraded.
A downgrade of Hyundai or deterioration of parental support would result in a downgrade of HCA's ratings.
Rating Action:
Moody's affirms Baa1 and P-2 ratings for Hyundai Capital America with a stable outlook
30 Jan 2017
New York, January 30, 2017 -- Moody's Investors Service affirmed the Baa1 and Prime-2 ratings of Hyundai Capital America (HCA), the U.S. auto finance subsidiary of Korean automaker Hyundai Motor Company (Baa1, stable). The outlook for Hyundai Capital America's ratings is stable.
Issuer: Hyundai Capital America
..Affirmations:
....Issuer Rating, Affirmed Baa1, Stable
....Commercial Paper, Affirmed P-2
....Senior Unsecured Regular Bond/Debenture, Affirmed Baa1, Stable
....Senior Unsecured Medium-Term Note Program, Affirmed (P)Baa1
....Backed Senior Unsecured Regular Bond/Debenture, Affirmed Baa1, Stable
..Outlook Actions:
....Outlook, Remains Stable
RATINGS RATIONALE
Moody's affirmation of HCA's ratings is due to continued strong parental support. HCA benefits from its strategic importance to Hyundai Motor Company, and its support is formalized through a strong support agreement that, though not a guarantee, includes quantifiable measures of maintenance. The credit support agreement requires 100% ownership maintenance, minimum tangible net worth and fixed charge coverage maintenance. Therefore, HCA's ratings are equivalent to Hyundai's.
At the same time, however, Moody's downgraded its assessment of HCA's stand-alone credit profile, which is an input into its credit ratings, to mid-B from its prior high-B position. The reduction in the stand-alone credit profile is due to increasing losses in HCA's retail portfolio above historical averages, a multi-year increase in HCA's lease portfolio resulting in considerable residual value exposure in the face of a softening used car market, and relatively high leverage.
Portfolio charge-offs for retail loans have reached 1.6% as of 30 September 2016 for HCA versus a historical average closer to 1.2%. This has negatively impacted profitability resulting in net income to average managed assets of 0.28%, considerably lower than HCA's historical average of 0.60%. HCA recently tightened its underwriting but we expect losses and delinquencies to remain elevated as it will take several quarters for losses from its weaker underwriting period to season and charge off.
The growth in the lease portfolio has been significant over the last several years. HCA's 49% operating lease assets as a percentage of loans and leases is one of the highest exposures to leasing among the auto captives. This too will continue to weigh on profitability given softness in used car prices depressing residual values and leading to accelerated depreciation and/or impairments. We estimate that HCA's lease residual value exposure as a percentage of tangible common equity was 381% as of 31 December 2015 (the last date information is available), up from 326% as of 31 December2013. HCA's lease residual value exposure has likely trended upward since year-end 2015.
Effective leverage, total debt as a multiple of tangible common equity, for HCA is at a multi-year high at 11.5 as of 30 September 2016 and is considerably higher than other auto captive finance companies. HCA's correspondingly low 7.1% tangible common equity as a percentage of tangible managed assets provides limited loss absorbing capacity, particularly given its large lease portfolio. In the past, HCA has had a history of capital injections from Hyundai to strategically manage leverage.
HCA could be upgraded if Hyundai's ratings are upgraded.
A downgrade of Hyundai or deterioration of parental support would result in a downgrade of HCA's ratings.
waltermasoni
Caribbean Trader
Fitch Affirms GM and GM Financial at 'BBB'; Outlook Stable
06 JUN 2018 4:01 PM ET
Fitch Ratings-Chicago/New York-06 June 2018: Fitch Ratings has affirmed the Issuer Default Ratings (IDRs) for General Motors Company (GM) and its General Motors Financial Company, Inc. (GMF) finance subsidiary at 'BBB'. The Rating Outlook for both is Stable. A full list of the rating actions taken on GM and each of its subsidiaries follows at the end of this release.
KEY RATING DRIVERS - GM
GM's ratings are supported by its strong market position in the regions where it competes, its solid profitability, and its commitment to maintaining a relatively conservative balance sheet. Fitch expects the margin performance of GM's key North American operations to remain strong relative to its peers, while its decision to exit underperforming markets outside the U.S. has also contributed to significantly stronger global profitability and lower capital spending. Fitch expects the company to maintain a relatively strong liquidity position over the long term that will be sufficient to protect against a downturn while keeping leverage near the low end of its peers. Although its mobility initiatives will weigh on profitability over the next few years, Fitch views the recent commitment by SoftBank Vision Fund to invest $2.25 billion into GM's autonomous vehicle development as a positive development in the company's prospects toward commercializing its autonomous technology.
CREDIT RISKS
Credit risks include rising global trade tensions, volatile commodity costs, plateauing U.S. auto demand and rapidly evolving industry technological changes. GM's business is also less globally diversified than many of its mass-market competitors, with a heavy reliance on two key markets, the U.S. and China. A severe downturn in either market could have an outsized impact on the company's financial performance.
Concerns regarding the potential effect of trade restrictions on the global auto industry have risen over the past year, and increased tariffs or other types of trade restrictions could negatively affect sales and costs. In the U.S., the potential for the federal government to levy a 25% tariff on imported vehicles is a particular concern, as is the potential for the U.S. to withdraw from the North American Free Trade Agreement (NAFTA). Fitch estimates that GM imports roughly 30% of the vehicles it sells in the U.S., including around 40% of its full-size pickups, which are imported from Mexico, so a withdrawal from NAFTA or a broader imposition of import tariffs could result in a decline in sales and/or an increase in costs. Tariffs on steel, aluminium and imported parts and components are also a concern. The substantial progress the company has made toward achieving its $6.5 billion cost savings target could help to blunt part of the impact of tariffs on metals and components, but broader tariffs or an all-out trade war, while not Fitch's current base case scenario, would be especially concerning.
The global auto industry also remains vulnerable to economic cycles, and in a moderate to severe downturn Fitch expects that GM would likely experience a significant cash outflow due to its inherent operating leverage, working capital profile, and capital expenditure needs. However, Fitch expects that the company's automotive cash target of $18 billion, along with $14.5 billion of revolver capacity available to the automotive operations, would provide it with sufficient financial flexibility to withstand a severe decline in auto demand in one or more key markets.
06 JUN 2018 4:01 PM ET
Fitch Ratings-Chicago/New York-06 June 2018: Fitch Ratings has affirmed the Issuer Default Ratings (IDRs) for General Motors Company (GM) and its General Motors Financial Company, Inc. (GMF) finance subsidiary at 'BBB'. The Rating Outlook for both is Stable. A full list of the rating actions taken on GM and each of its subsidiaries follows at the end of this release.
KEY RATING DRIVERS - GM
GM's ratings are supported by its strong market position in the regions where it competes, its solid profitability, and its commitment to maintaining a relatively conservative balance sheet. Fitch expects the margin performance of GM's key North American operations to remain strong relative to its peers, while its decision to exit underperforming markets outside the U.S. has also contributed to significantly stronger global profitability and lower capital spending. Fitch expects the company to maintain a relatively strong liquidity position over the long term that will be sufficient to protect against a downturn while keeping leverage near the low end of its peers. Although its mobility initiatives will weigh on profitability over the next few years, Fitch views the recent commitment by SoftBank Vision Fund to invest $2.25 billion into GM's autonomous vehicle development as a positive development in the company's prospects toward commercializing its autonomous technology.
CREDIT RISKS
Credit risks include rising global trade tensions, volatile commodity costs, plateauing U.S. auto demand and rapidly evolving industry technological changes. GM's business is also less globally diversified than many of its mass-market competitors, with a heavy reliance on two key markets, the U.S. and China. A severe downturn in either market could have an outsized impact on the company's financial performance.
Concerns regarding the potential effect of trade restrictions on the global auto industry have risen over the past year, and increased tariffs or other types of trade restrictions could negatively affect sales and costs. In the U.S., the potential for the federal government to levy a 25% tariff on imported vehicles is a particular concern, as is the potential for the U.S. to withdraw from the North American Free Trade Agreement (NAFTA). Fitch estimates that GM imports roughly 30% of the vehicles it sells in the U.S., including around 40% of its full-size pickups, which are imported from Mexico, so a withdrawal from NAFTA or a broader imposition of import tariffs could result in a decline in sales and/or an increase in costs. Tariffs on steel, aluminium and imported parts and components are also a concern. The substantial progress the company has made toward achieving its $6.5 billion cost savings target could help to blunt part of the impact of tariffs on metals and components, but broader tariffs or an all-out trade war, while not Fitch's current base case scenario, would be especially concerning.
The global auto industry also remains vulnerable to economic cycles, and in a moderate to severe downturn Fitch expects that GM would likely experience a significant cash outflow due to its inherent operating leverage, working capital profile, and capital expenditure needs. However, Fitch expects that the company's automotive cash target of $18 billion, along with $14.5 billion of revolver capacity available to the automotive operations, would provide it with sufficient financial flexibility to withstand a severe decline in auto demand in one or more key markets.
iguanito
Forumer storico
La seconda sembra buona. Non la vedo quotata da nessuna parte